Assigned Estate of Fair Hope North Savage Fire Brick Co.

Citations

• 183 Pa. 103
• 38 A. 1102
• 1897 Pa. LEXIS 720

Syllabus

<p>Partnership — Land—judgments—Lien.</p> <p>Land held by a partnership is considered as realty so far as firm judgments are concerned, aud such judgments are liens upon it; but as to the separate interests of partners it is considered as personalty, and judgments against the partners individually are not-liens upon it, or upon those interests; and the face of the title must govern as to whether land held by members of a partnership shall be regarded as firm property or not. ;</p> <p>A judgment binds every interest or estate which a defendant has in land, including a mere inceptive title, and the lieu on the equity grasps the legal title into which the equitable becomes perfected by a subsequent conveyance.</p> <p>Limited partnership association — Acts of June 2, 1874, and June 25, 1885.</p> <p>Section 1 of the Act of June 25. 1885, P. L. 182, amending section 4 of the Act of June 2, 1874, P. L. 271, providing that the “interest in such partnership associations shall be personal estate,” was intended only for the coutrol of the interest of partners as between themselves, and was not meant to exempt the real estate of the association from the effect of a lieu on the ordinary incumbrance held by an outside person.</p> <p>B. and two associates agreed in writing to purchase from W. a tract of land upon which they proposed to erect certain works. Subsequently B. and his associates formed a limited partnership association under the act of June 2, 1874. After the formation of the partnership B. borrowed from W. a sum of money which was used iu building the works. lie personally gave his judgment note for the loan, with warrant of attorney to enter judgment against his two fifths interest in the works in question. Subsequently W. executed a deed to the partnership association for the land, subject to the condition that the association should acknowledge that the judgment given by B. existed against the land. Held, (1) that the condition in the deed established an express li